Wednesday, April 18, 2018
Business

Crossovers, SUVs are now America's most-popular vehicle type for first time ever

The SUV is the new family sedan.

For the first time, SUVs and crossovers have replaced sedans as the most popular style of vehicle in the U.S., according to new vehicle registrations collected by IHS Automotive for the first five months of 2014.

"This is a pretty major shift," said Tom Libby, an analyst with IHS. "We assume the sedan is the foundation of vehicles in the U.S., and this is the first time they're not."

Through May of this year, 36.5 percent of all new vehicles registered have been sport utility vehicles or crossovers, IHS found. That compares to 35.4 percent for small and large sedans combined.

In 2013, crossovers and SUVs grabbed 33.9 percent of new registrations, while sedans accounted for 36.6 percent.

Crossovers and SUVs are booming for several reasons. They offer a combination of desired features that other vehicle types can't match: higher seating position and ground clearance, a softer ride, interior space for both people and cargo, towing capacity, and all-wheel drive.

Their recent surge in popularity is also due to a flood of innovative new styles and models that have come to market recently, luring people away from their traditional choices, IHS said.

Sedans aren't the only body style feeling the sting of SUVs' popularity. Hatchbacks, pickup trucks, coupes, minivans, and convertibles have all lost market share in the last five years. Of those, hatchbacks and pickups have slipped the most, IHS said.

This trend is expected to continue for at least the next three years, based on anticipated new models and a predicted decline in gas prices.

But not everything lasts forever.

"Longer term, concerns over fuel efficiency standards and rising oil prices are expected to pressure light truck sales," warned Chris Hopson, a forecaster at IHS.

Comments
Free rides on PSTA and HART buses to celebrate Earth Day

Free rides on PSTA and HART buses to celebrate Earth Day

ST. PETERSBURG — Those who use mass transit across the Tampa Bay area can ride for free on Sunday.To celebrate Earth Day, both the Pinellas Suncoast Transit Authority (PSTA) and the Hillsborough Area Regional Transit Authority (HART) will be offering...
Updated: 22 minutes ago
Marriott Edition to bring five-star hotel ambitions to Water Street Tampa

Marriott Edition to bring five-star hotel ambitions to Water Street Tampa

TAMPA — At the Gramercy Park Hotel in New York City, hotelier Ian Schrager transformed a Jazz Age building with its own rich history into a destination offering even more heady experiences — extravagant, edgy and bohemian.In Tampa, Schager will have ...
Updated: 1 hour ago
Tech Data names Rich Hume to take over as new CEO

Tech Data names Rich Hume to take over as new CEO

CLEARWATER — Tech Data, Tampa Bay’s largest public company, has named Richard "Rich" T. Hume as its new chief executive officer, effective June 6.Hume, Tech Data’s executive vice president and chief operating officer since joining the company in 2016...
Updated: 2 hours ago
Downtown’s success creates noisy problem for St. Petersburg

Downtown’s success creates noisy problem for St. Petersburg

Times Staff Writer ST. PETERSBURG — Downtown’s rapid growth has not been without tension between its residents and the businesses and events that draw exuberant crowds. The city, which has been attempting to amend its noise ordinance o...
Updated: 5 hours ago
Everybody loses in a trade war, Canadian chamber CEO warns Tampa officials

Everybody loses in a trade war, Canadian chamber CEO warns Tampa officials

TAMPA — President Donald Trump has tweeted "trade wars are good, and easy to win."Don’t believe it, the president of the Canadian Chamber of Commerce told Tampa business and political leaders on Wednesday."We share more with you than with anybody els...
Published: 04/19/18
Trademark makes it official: Call it the St. Pete Pier

Trademark makes it official: Call it the St. Pete Pier

ST. PETERSBURG — Today the City Council is set to approve a $15 million construction contract and additional money for the next phase of the new Pier District expected to open in the fall of 2019.But even as council members get ready to commit hundre...
Published: 04/19/18
Tampa’s 60-year-old Housewife Bake Shop may not be closing after all

Tampa’s 60-year-old Housewife Bake Shop may not be closing after all

For nearly 60 years it was breads, cakes and pastries, up before dawn for the Perrone family in Armenia Garden Estates. For a minute it looked like Tampa’s Housewife Bake Shop was going to close, but third-generation owner Tena Perrone said on Wednes...
Updated: 6 hours ago
Fed survey finds worries about higher tariffs

Fed survey finds worries about higher tariffs

Associated PressWASHINGTON — The Federal Reserve’s latest national survey has found that U.S. businesses are growing increasingly concerned about the impact higher tariffs could have on their companies and the overall economy. The Fed reported Wednes...
Published: 04/18/18
Most of Tampa Bay’s new liquor licenses won by applicants from South Florida, Tallahassee

Most of Tampa Bay’s new liquor licenses won by applicants from South Florida, Tallahassee

TALLAHASSEE — The newest batch of quota liquor licenses for the Tampa Bay area will go to applicants from South Florida and Tallahassee. In its annual drawing, the state Department of Alcoholic Beverages and Tobacco selected the winners of 51 licen...
Published: 04/18/18
Report: Unemployment assistance in Florida lagged after Hurricane Irma

Report: Unemployment assistance in Florida lagged after Hurricane Irma

Note: This story has been updated with a response from the Florida Department of Economic Opportunity.In the days and weeks following Hurricane Irma, Gov. Rick Scott touted his administration’s preparation and response to one of the worst storms to h...
Published: 04/18/18